ITT (ITT) FY2017 results: revenue $2.6 billion, up 7.5% on the year
ITT Inc. (ITT) reported revenue of $2.6 billion for fiscal 2017, the year ended 31 December 2017, up 7.5% on the year before. Net income was $114 million, down 39.0%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2018.
Revenue
$2.6 billion
+7.5% on the year
FY2010FY2017
Operating margin
12.4%
11.5% a year earlier
FY2010FY2017
Net income
$114 million
-39.0% on the year
FY2010FY2017
Diluted EPS
$1.28
-38.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,585
2,405
2,486
+7.5%
Cost of revenue
1,768
1,647
1,676
+7.3%
Gross profit
820
761
809
+7.8%
Gross margin
31.7%
31.6%
32.6%
Research and development
93.5
80.5
78.9
+16.1%
Operating income
319
277
380
+15.4%
Operating margin
12.4%
11.5%
15.3%
Pre-tax income
309
258
382
+19.7%
Income tax
195
76.0
70.1
+156.1%
Effective tax rate
62.9%
29.4%
18.3%
Net income
114
186
352
-39.0%
Net margin
4.4%
7.7%
14.2%
Diluted EPS
$1.28
$2.07
$3.88
-38.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
245
241
230
+1.7%
Capital expenditure
113
111
86.7
+1.7%
Free cash flow
132
129
143
+1.7%
Free cash flow margin
5.1%
5.4%
5.8%
Cash from investing
-223
n/a
n/a
Cash from financing
-112
n/a
n/a
Depreciation and amortisation
105
102
90.0
+3.2%
Share-based compensation
18.1
12.6
15.7
+43.7%
Buybacks
32.9
77.8
84.0
-57.7%
Dividends paid
45.4
44.6
42.8
+1.8%
Dividend per share
$0.51
$0.50
$0.47
+3.2%
Diluted shares, weighted
89m
90m
91m
-1.0%
Shares outstanding at period end
88m
88m
90m
-0.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,596
1,426
1,362
+11.9%
Non-controlling interest
1.7
2.0
3.3
-15.0%
Debt
164
214
246
-23.7%
Other liabilities
1,939
1,959
2,112
-1.0%
Total liabilities and equity
3,700
3,602
3,724
+2.7%
Fixed assets
522
464
444
+12.3%
Goodwill
887
775
778
+14.5%
Intangible assets
156
160
187
-2.6%
Investments
0.0
0.0
64.9
Cash and equivalents
390
461
416
-15.4%
Receivables
630
524
585
+20.2%
Inventory
312
295
293
+5.7%
Other assets
804
922
956
-12.8%
Total assets
3,700
3,602
3,724
+2.7%
10-K for the year ended 31 December 2017, filed 16 February 2018: the filing.